No reports today at 10 am so we have a good chance to back fill on a lower open from fridays close...so we need to think about buying under Fridays RTH lows.

The O/N is building volume at 1296 even...so we can set up our first resitance zone and a target ( if we buy under that RTH low) at the 94.50 - 96 area. IDEAL buys will come under 1290 if they have the power to push it that far.My bias is on the upside especially if we get the lower open.

I wanted to bring this to anyone's attention. If you get the gap guys free video, take the time to notice a couple of things on the table he shows that quantifies the gap opening research he did for the day.

today, for instance, he tested for probability of gaps filling (or being profitable by the close) when price closed at a new 50 day low close, but price remained above the 200 period simple moving average (daily RTH). (These were in place on Friday)

in the performance summary, he gives the number of occurrances and the number of profitable trades (not necessarilly gap fills)

for today, if you look down the column titled LONG TRADES (means price gapped down at open and you went LONG at the open)
you can see that a gap down is profitable 86.96% of the time (HEFTY),
but additionally,

descriptions of the stats are in a column on the left.
Go down to the 4th set of descriptions.

find
"Avg bars in winning trades" and follow over to the LONG TRADES Column

That's great stuff Paul...thanks. I think is is good business to have a healthy fixation on the long side with these overnight lower prices...

I'm also focusing on this formation that happened on Friday...we have Five - 5 minute bars with matching highs......Those don't usually stay unfilled for too long......my crude stats would show they are filled within one or two days..which would be today or Tuesday...so lots of targets on the upside

sorry big mike I had a data freeze up with IB....that doesn't happen much...Glad Lorn took care of ya....

I was hoping we would hit into 1281.50 to be exact because that would have put us 2.5 points under that old VPOC and into the S2 level....I don't like initiating right on those old volume points unless volume gives a clue...My preference would have been to try and buy underneath that for the retest back up...

Now that my charts are back it seems that I would have missed the trade accoring to my filters......too late for me too..Congrats to u folks who got the long off....nice trade!